Posted by Amy (IN) on March 15, 2006 at 23:55:05:
Bill, thank you so much for your clear and understandable explanation and thank you for taking the time.
Amy
Loan for a friend? - Posted by Amy (IN)
Posted by Amy (IN) on March 01, 2006 at 24:19:22:
I have a friend that owns free and clear a 86 3/2 mobile home on a rented lot. They need a loan, have poor credit and can’t get anyone to loan them anything except some “Beneficial” bank @ 21%. They only need 2000.00. We have that cash and would like to loan them the money but secure it with their mobile home. It this possible or even legal? If it works with them can we do it with other people? We have a quite a few trailers in the area but hardly any that are for sale.
Re: Loan for a friend? - Posted by BillG
Posted by BillG on March 04, 2006 at 20:13:48:
Yes, it is legal.
Just get the title to you, exactly like a car loan, so you can repo the MH if they don’t pay you as promised.
MH and auto registration desk at your tax office will show you exactly how to do this paperwork and what the change in title registration will cost.
And have them sign a Promissory Note to you as the payee ( which form you can get online), with the terms & interest you want, so the agreement is clear and in writing.
Just understand if they don’t pay you, you may have to take over the MH and make the rent payments on the lot until you could re-sell the MH.